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Tullow has permits to explore an area between the Exxon block and the Guyanese coast. Chief Executive Paul McDade said that the Irish company is expected to start drilling next year.
He explained that Tullow's technical staff badyzed the data collected during the Guyanese license surveys. "They are trying to choose what will be the first wells we drill here," added McDade.
The discovery of Exxon is one of the most important of recent years. The crude now trades at between $ 75 and $ 80 per barrel, valuing four billion barrels at $ 300 billion or more.
million. McDade argued that Tullow's current net debt of $ 3.1 billion was still too heavy for the company.
It aims to reduce this goal to $ 2.5 billion while intensifying its actual activities of exploration and development of oil prospects. It invests $ 460 million in its badets this year.
With Guyana, he wants to continue his drilling projects in Kenya and Namibia in Africa in 2019.
M. McDade said Tullow was also planning to bring his Ugandan oil field. Mr. McDade pointed out that Mr. Tullow wanted to give money back to the shareholders, especially since the cash flow was getting stronger, even though the board of directors had decided not to grant any cash. interim dividend.
"We want to return to pay a substantial dividend," he said. "I can not say when we will start paying, it's a decision for the board, we will review it again at the end of the year."
Earnings after tax were $ 55 million for the six-month period ended June 30, compared with a loss of $ 348 million a year earlier.
Tullow's three-year cost-saving program saved $ 708 million compared to $ 500 million originally planned.
The company expects annual production of 89,000 tons of oil and gas wells in West Africa and the North Sea. at 95,000 barrels a day.
Meanwhile, the first additional production of its drilling program in Ghana is expected in August; with a second platform that will start drilling in October.
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